Callouts & quotes from 3,339+ activist slides

"While we believe there are substantial cost savings opportunities at GRP, the Company could produce a dramatic increase in free cash flow simply by increasing the utilization even in the absence of EBITDA/MT improvement"

"we believe that the observed decline in Company performance may represent a Company Material Adverse Effect as defined in the merger agreement, the occurrence of which could give you legal grounds to terminate the deal."

"In order to achieve the optimal outcome, we believe Classifieds must be separated, and a more comprehensive and aggressive operating plan must be put in place to drive profitable growth in the core Marketplace business."

"Spruce Point will illustrate why we believe an extreme financial restatement in 2018 at Leidos Security Detection & Automation LLC in the UAE renders its parent’s financial statement susceptible to restatement risk too."

"Through our research on Mr. Shi and PLTK's history in the past few years, we believe that Mr. Shi has been using PLTK as his piggy bank, which in the long term will cause great damage to the public shareholders of PLTK."

"Spruce Point believes the evidence of Xylem’s struggles can be seen by carefully evaluating its working capital metrics. Days inventory outstanding (DIO) and inventory to sales have increased markedly and are at highs."

"As a result of this poor performance, Elliott believes that new leadership is required at Southwest, which represents the most compelling airline turnaround opportunity in the last two decades, according to the letter."

"Spruce Point, however, believes that bulls have far too naïve a view of Align’s market opportunity, and that they overlook material barriers which will make it difficult for the Company to expand into both sub-markets."

"The local host IP, 127.0.0.1, suddenly emerged in Killing Time’s gifting pattern, which we believe indicates an accidental leak, perhaps caused by a temporary glitch in the software used to mask the user’s real origin."

"CEO Ridge often says, “these targets are probably wrong and roughly right”. We believe analysts targets are probably wrong, and Spruce Point is roughly right that WD-40 will severely disappoint optimistic expectations."

"As a result of this poor performance, Elliott believes that new leadership is required at Southwest, which represents the most compelling airline turnaround opportunity in the last two decades, according to the letter."

"We believe the combination of Amcor and Berry creates a compelling investment opportunity presenting 50% to 70% upside, underpinned by our belief that the announced synergies of the transaction are likely conservative."

"Spruce Point doesn't believe the narrative that Stryker is a disciplined and successful capital allocator towards acquisitions. We believe it miserably failed in its objective to unify its ERP systems under 1 platform."

"Given the strain on PBH’s business, we are concerned by the Company’s removal of its brand market share and ACV(1) data. We believe many of PBH’s major brands are losing share to private label and generic alternatives."

"Spruce Point does not believe that CLEAR is oblivious to its worsening trends or increasing risk of product obsolescence and/or displacement by the TSA or competitors that could render its business materially impaired."

"While we are not specifically advocating one option over the other, a spin-off of Bob Evans Restaurants merits further discussion and we believe a spin-off of Bob Evans Restaurants could be effected on a tax-free basis"

"We believe that Mr. Williams' extensive experience leading technology-focused organizations and public sector expertise, as well as his public company board experience, would make him an attractive asset to the Board."

"So we believe, based on some experience on conversions or migrations that we've already done, that there is a lot of potential operating leverage, not necessarily in the R&D side, but more on the operating costs side."

"Greenlight does not believe permanent impairment of value is an appropriate standard for measuring fair value. The company's accounting treatment seems inconsistent with the notion of fair value as defined by the SEC."

"we believe Marathon is severely undervalued and that there are readily available steps by which the Board can unlock $14 – $19 billion in value for shareholders (yielding a ~60 – 80+% increase to today’s stock price)."

"Chips are the Wall Street equivalent of a charm or amulet, an object believed to confer extraordinary powers and riches upon whoever possesses it, as well as the ability to cast spells and part fools from their money."

"Globant is the highest valued outsourced IT servicing company. Globant is currently priced for perfection and we believe the stock will re-rate when investors come to the realization that its organic growth is slowing"

"The market believes in UEC's ability to significantly ramp its production and uranium sales to deliver rapid revenue and EBITDA growth. We believe expectations are simply too high and the valuation premium is extreme."

"Before even mentioning anything about revenue, Porch cited in its SPAC deal press release “$2.2 billion of gross services volumes through its platform” in an attempt, we believe, to puff up its large market relevance."

"Spruce Point believes there are recent and very material fundamental factors that are now becoming headwinds to the Rollins equity story. We don't believe the market "consensus" view incorporates most of these issues."

"Spruce Point believes there are recent and very material fundamental factors that are now becoming headwinds to the Rollins equity story. We don't believe the market "consensus" view incorporates most of these issues."

"There may potentially be other costs (one-time or recurring) that we have not accounted for. However, we may believe such costs are small relative to the large potential upside from an improved FirstGroup US valuation"

"We believe the Board has manipulated annual meeting dates and nomination deadlines to prevent shareholders, and Starboard specifically, from making changes to the Board that we believe would benefit all shareholders."

"We Believe That Viacom is Significantly Undervalued Relative to its Peers and Assets and Can Deliver Material Returns Over The Long-term For Its Shareholders With Changes Made to its Leadership and Board of Directors"

"Over a longer term period, with a best-in-class management team and perfect information, we believe the opportunity exists to reach peer average margins of 48% and potentially further close the margin gap with Amgen."

"Spruce Point believes that Monster’s core energy brand is being challenged in a changing environment where social media celebrity endorsers and athletes can rapidly launch new products to their millions of followers."

"We believe the decision to pursue a rushed refreshment process rather than engage constructively on legitimate shareholder concerns demonstrates the Board remains incredibly entrenched and further change is required."

"We believe that Darden’s total owned real estate is conservatively worth approximately $4 billion, and possibly far more, and that separating the real estate could create $1-2 billion in additional shareholder value."

"We believe that Darden’s total owned real estate is conservatively worth approximately $4 billion, and possibly far more, and that separating the real estate could create $1-2 billion in additional shareholder value."

"At best, we believe it was unethical for Mr. Ehrlichman not to disclose his work at HelpScore.com while ACTV was in the process of selling shares, and at worst this could be construed as securities misrepresentation."

"We believe company research can yield differentiated macro insights and is highly synergistic with Pershing Square’s core equity strategy, which has a coverage universe spanning the vast majority of S&P 500 companies"

"While it appears more substantive on the surface as an entity engaged in legitimate - albeit failed - R&D, later sections discuss why we believe that Ginkgo uses it as just another front to create fictitious revenue."

"Spruce Point Believes Investors Should Be Cautioned Not To Extrapolate Recent Earnings Performance. We Believe There Are Numerous Business Risks And Cracks In The Growth Story That Are Not Being Adequately Discounted"

"As we show in subsequent slides, we believe that, with the Company having increased sales by just $100M over the same three years, Verint’s organic revenue growth was likely materially negative over this time period."

"We believe Amcor is obscuring significant financial strain (organic revenue decline 3.0% - 4.0%, cash overdrafts and cash flow contraction) that will place its dividend and BBB investment grade credit rating at risk."

"At a market multiple of 6x post-royalty EBITDA per Company store, we believe BWLD could release over $1.4 billion of after-tax proceeds from its existing store base, representing ~52% of BWLD's current market value."

"We believe that the Company must strongly and urgently consider the points we have outlined above and begin discussions regarding the separation of Family Dollar and the introduction of a multi-price point strategy."

"We believe the Board’s decision to allow KKR to syndicate 70% of the Preferred Financing only lends further credence to our view that Box’s true intention in completing the Preferred Financing was to “buy the vote.”"

"While Dycom claims that large deals like Verizon acquiring Frontier are a positive, Spruce Point believes that industry mergers frequently pressure suppliers as the bargaining power of the larger customer increases."

"Spruce Point believes the evidence of both Xylem and Evoqua’s struggles can be seen by carefully evaluating their working capital metrics. Days inventory outstanding (DIO) have increased markedly for both companies."

"We believe that even if Oatly could grow into a multibillion dollar a year in sales company, by that time its sales growth rate and multiple would compress, leaving it with substantial downside to the current price."

"Spruce Point believes investors should place little, if any, confidence in these metrics as Adjusted EBITDA is not an accurate representation of Sunnova's business and CCV relies heavily on management's assumptions."

"We believe this revenue model serves as a proxy for Wall Street's current revenue expectations. It also illustrates that the Street is expecting near flawless execution of ~84 program launches between 2016 and 2021."

"We believe that ELF was having problems moving inventory and concocted an excuse for the inventory blowing out by claiming that a change in sourcing practices resulted in most of the reported inventory QoQ increase."

"We have no idea how CSTE can spend so little on its CAPEX; but we can hazard a guess. We believe maintenance is down because production is down, either that or CSTE is failing to maintain its machines in good order."

"MSCI said in 2019 that it invested and used artificial intelligence (“AI”) to create indices and referenced thematic indices. However, we believe it may not be at the forefront of AI or thematic product development."

"For 2025, 10.71% of Raging River’s projected $287.3 million of EBITDA (i.e. $30.7 million) represents the Betway Cares Foundation’s minority stake and we believe is therefore not attributable to SGHC’s group EBITDA."

"We believe this excess capacity is a large increase from Rollins' historical revolving capacity needs of $175 million and could be a signal it needs more capital as insurance against forthcoming financial pressures."

"Spruce Point believes the market materially misvalues ROAD by not only miscalculating its enterprise value for the recent LSP acquisition, but also by mistaking it for a high-quality aggregate and material producer."

"Wall Street analysts are projecting 2023 revenue growth of $283 million and improving margins. We believe these expectations are overly optimistic based on the breadth of revenue and profit headwinds we see in 2023."

"We believe a $200M reduction in operating expenses would drive potential stock prices of ~$28-$32 (up 24-41%) and should be embraced by management and the board as a prudent and value-maximizing step for the Company"

"We believe shareholder conversations will enable us to refine further our Proposals to take into account shareholder feedback and encourage FirstGroup to take a proactive approach towards improving shareholder value"

"Our nominees will ask the right questions in the boardroom that we believe are not currently being asked due to the many interrelationships between the current Board members and AOL's Chairman and CEO Tim Armstrong."

"We believe that in some instances, Archer simply negotiated and signed some of these contracts in order to be able to issue yet another promotional press release, without any real substance or opportunity behind it."

"We believe sports prediction exchanges have structurally better odds. Prediction exchanges do not set the odds, users do. We believe Kalshi only charges ~1.5% on average to users per trade vs. the 8–10% DKNG margin."